S&P ups Range Resources, debt to BB+

Standard & Poor's said it raised its corporate credit and subordinated debt ratings on Range Resources Corp. to BB+ from BB.

The recovery rating on the debt remains 3, reflecting an expectation of meaningful (50% to 70%) recovery in the event of a default.

The outlook is stable.

S&P said the upgrade reflects its expectation that Range Resources will continue to expand its production by 20%-25% per year over the next few years while increasing its reserve base and improving its credit measures. Range has increased its production and reserves steadily over the past few years, primarily by developing its significant asset base in the Marcellus shale, where the company was an early mover and has a leading acreage position and meaningful scale, the agency said.

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